ZURICH, April 3 (Reuters) – Julius Baer (BAER.S) is having “constructive discussions” with Credit score Suisse (CSGN.S) employees who want to go away following their financial institution’s takeover by UBS (UBSG.S), the Swiss personal financial institution’s Chief Government mentioned in an interview on Monday.
Philipp Rickenbacher additionally instructed the Monetary Occasions he was seeing a “motion of purchasers to high quality” in Switzerland as rich account holders pulled again from UBS and Credit score Suisse, whose enterprise fashions embody riskier funding banking actions.
The takeover, engineered by Swiss authorities final month, could be tough, he instructed the newspaper. “An integration of that order of magnitude in Switzerland goes to take a whole lot of sources and energy, and a whole lot of complexity.”
Julius Baer is Switzerland’s largest personal financial institution. It really works on behalf of rich people and doesn’t speculate with its personal capital or run its personal in-house asset administration enterprise.
“Our mannequin . . . has labored very effectively for us,” Rickenbacher mentioned.
“We have now hiring alternatives in Latin America, we’ve got hiring alternatives in Asia …and … in Europe and in Switzerland,” he mentioned.
He raised issues about an ongoing disaster of confidence within the banking sector general, highlighting current rate of interest hikes by central banks and the stresses they had been creating.
“Issues will stay very difficult — all the things that was there a month in the past won’t go away,” Rickenbacher mentioned.
“There’s nonetheless some room for coverage errors on the highest ranges in relation to rates of interest . . . Everybody’s senses are sharpened proper now.”
Reporting by John Revill; enhancing by John Stonestreet
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